The federal tax incentives that boosted home sales this spring has also given incentive to Congress which is working to get homebuyers an extra three months to finish qualifying.
Yesterday Senate Majority Leader Harry Reid, D-Nev. stated that he would like to give buyers until Sept. 30 to complete their purchases and to qualify for tax credits of up to $8,000. Right now buyers had until April 30th to sign sales contracts to purchase a home and had until June 30th to close escrow.
The National Association of Realtors has also been urging Congress to provide an extension.
This extension would only apply to buyers who have already signed contracts and met the April 30th deadline.
Reid represents the state of Nevada that has the nation's highest foreclosure rate.
With the rush of buyers trying to qualify for the tax credits mortgage lenders have been bombarded with borrowers trying to get approved by the end of June. Sadly, as it is many potential borrowers will unlikely make the deadline. For many time is of the essence.